Are tenants and occupants the same?

A tenant is a person occupying or entitled to occupy your property because they entered a lease or rental agreement with you. On the other hand, an occupant is a person other than the tenant or the tenant’s immediate family, occupying the premises with the consent of the tenant.

What does shared occupancy mean?

it is rented to 5 or more people who form more than 1 household. some or all tenants share toilet, bathroom or kitchen facilities. at least 1 tenant pays rent (or their employer pays it for them)

What happens if I am a co signer on an apartment lease?

If the primary borrower on the co-signed lease stops making payments, it could affect your ability to get an apartment rental lease in your own name. When the primary borrower defaults on his lease, the landlord may evict the tenant, send the debt to a collection agency or sue you in civil court.

How are apartments registered under the Societies Act?

Most apartments have associations registered under the societies act. Banks continue to give mortgages despite the fact that clear title is not passed on to the buyers due to the manner in which transactions are conducted.

Who are the authorised signatories for a property registration?

The authorised signatories for the seller and the purchaser, have to be present along with two witnesses, for registration of the documents. The signatories should carry their proof of identity.

Is the share capital of a company movable property?

In light of the above-stated provisions, we can conclude as the shares or share capital of the Company are movable property.

Where does the signing of a lease take place?

The Lease Signing Process. Lease signing can take place in person or be completed online before you move into a new unit. If you sign the lease with your landlord or property manager present, they should go over all the important terms with you. Make sure you ask questions and understand these parts of the lease.

Who is a co signer or a guarantor on an apartment?

A co-signer could be anyone that lives in the apartment, such as your roommate, while a guarantor is someone who accepts financial responsibility if you do not or cannot pay your rent. A parent will often become the guarantor in order to prevent their child – and themselves – from worsening their credit scores.

Who is required to sign a lease on a property?

The lease should be signed by all adults living on the property and by the property manager or landlord. If a co-signer is part of the rental agreement, they need to sign the lease along with the tenant.

Can a roommate help you sign a lease?

Signing a lease means putting yourself down as the person responsible for paying the rent on the apartment and following the rules spelled out in the lease. However, most leases allow you to bring roommates into the mix, whether they are friends to help you with the rent or your significant other finally moving in with you.